Crypto Daily Roundup, 29: Central Bank Meeting Sparks Frenzy

Crypto Currency Prices have slumped during the last 24 hours

Top 5 Losers Coins

Crypto News Key Highlights:

• YieldMax seeks SEC approval for YBIT ETF, employing a synthetic covered call strategy to generate income and offer indirect exposure to Bitcoin through U.S.-listed ETPs. The fund, set to debut on NYSE around April 10, 2024, refrains from direct Bitcoin investment, capitalizing on the hot Bitcoin ETF market trend.

• JPMorgan CEO Jamie Dimon warns of an impending economic crisis in the US, citing the national debt surpassing $34.1 trillion. He predicts a debt-to-GDP ratio exceeding 130% by 2035 and warns of potential rebellion in global markets. Despite being a Bitcoin critic, Dimon acknowledges the need for drastic intervention to avert economic collapse.

• An overseas crypto gang operating in Odisha, India, was busted for alleged frauds worth $1.6 million. The gang, based in Cambodia, used fraudulent mobile apps to scam investors with promises of high returns. This incident marks the second crypto scam in Odisha within a month, highlighting the increasing challenges and scams in India's crypto space. The Indian government is intensifying regulations to curb such fraudulent activities.

• South Korean crypto exchanges, like Coinone, blocked $82 million in 2023 transactions tied to romance scams. FSS warns of rising crypto scams on social media, urging caution with romance and investment advice. Exchanges employ safeguards to protect users, emphasizing vigilance against scams. Recently, Debiex's pig butchering scheme, despite only five victims, resulted in over $2 million misappropriation. Authorities advise caution with crypto connections amid rising scams.

• Russian economist Alexander Razuvaev predicts U.S. sanctions will weaken global confidence in the dollar, potentially leading trading partners to explore alternatives like the digital ruble. He emphasizes the importance of Moscow securing foreign trade and envisions digital ruble adoption in the Commonwealth of Independent States. Razuvaev criticizes U.S. actions, suggesting they have undermined the dollar's authority, potentially resulting in higher gold prices.

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Also read - 24 Crypto Update, 28 Jan: Crypto Awaits Central Bank Verdict